Barnes and Milford create new trustee company
NZ Guardian Trust and Perpetual Trust are being bought by a new company Complectus which has Milford Asset Management as a shareholder. The other shareholder is Bath Street Capital which is controlled by Andrew Barnes and previously fully owned Perpetual Trust New Zealand.
Milford’s stake in Complectus is thorugh its Active Growth Wholesale Fund.
Barnes most recently came to prominence in New Zealand after buying Perpetual Trust for $12.3 million from George Kerr’s company Pyne Gould. Before that he established Australian Wealth Management, a spin off from TOWER Australia.
This interconnection between players also sees former TOWER chief executive Rob Flannagan taking on the chairmanship at Complectus. Flannagan was seen as a GPG-appointment at TOWER. Many years ago the predecessor to GPG, Brierley Investments, owned NZ Guardian Trust.
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